Community Development Resources committed to raise $10 million towards affordable housing
500 new affordable homes built each year in Lincoln
LINCOLN, Neb. (KLKN)- It’s been nearly a decade since Lincoln has participated in an affordable housing project. Over the next 10 years, the financial institution called Community Development Resources, or CDR, will expand its mission to help fund projects to refurbish and build 500 affordable homes in Lincoln each year.
“CDR will do this by investing more capital and putting to work more financial tools to expand lending to small business owners and to support those who create or rehabilitate affordable housing. Creating more high-quality homes for families in Lincoln,” Lincoln Mayor Leirion Gaylor Baird.
“We are an infrastructure finance organization for housing. That’s really what we are. We are going to pull all of the community resources together to do that. It takes government, it takes banking, it takes business and it takes philanthropy to get that done locally and then leverage the federal dollars or state dollars to make it happen,” Mark Hansen CDR volunteer.
Affordable housing will help families who pay 30% or more of their income on rent or mortgage payments and utilities.
“We know from our research that Lincoln needs to both create new housing and preserve and improve the quality of our existing housing stock. Grants and loans available through CDR will help our community partners, landlords, and developers do just that. Especially for low-income minority renters and home buyers,” said Sandra Washington Lincoln City Council Member.
The goal is to build or revitalize 5,000 homes instead of apartments.
“The newer units will probably be built outside of existing neighborhoods because there isn’t enough space to do it in existing neighborhoods. Wherever Lincoln Public Schools is going, we should be there with a housing development that creates a mixed-income neighborhood for our community. It will be healthier that way,” said Hansen.
The hope is that this project will help drive down the cost of housing for families at every income level.
“Today we take a big step forward in changing the math to create more financing options and incentives that help our community achieve our affordable housing goals,” said Mayor Gaylor Baird.
A special committee called Care will be formed to make sure all voices are being heard on the topic of affordable housing and preventing homelessness in Lincoln.